Shares of PC Jeweller recovered nearly 29 per cent on Monday after the management of the company clarified the promoters have neither sold nor pledged any shares with any institution.

The stock gained as much as 28.77 per cent to Rs 470.80 on the BSE.

The scrip had settled 24 per cent down on Friday after tanking over 60 per cent in intraday trade, following rumours IT firm Vakrangee had offloaded some shares of the company in the open market.

"We affirm that none of our promoters has diluted stake in the company and none of their shares are pledged as collateral with any institution," said PC Jeweller in a clarification to exchanges.

"We are moving ahead as per our laid down business plans of opening new stores and working on launching new collections. The company continues to witness very good footfalls and sales in the ongoing quarter," it added.